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Retirement Income
It’s been… quite a year. An expert panel at an Oct. 26 session of ASPPA All Access discussed what the developments this year have meant for retirement plan professionals, as well as participants.
The panel featured Robert Kaplan, Director of Technical Education for the American Retirement...
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This is a rare time. And not just in ways we’ve focused on for seemingly ages—it’s a once-every-four-years time when we select a president. That has great implications for a host of things, including investments—which can affect retirement plans and participants.
And those effects are relevant to...
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There was a big increase in annuity sales from the second quarter of 2020 to the third quarter of 2020, says a recent report.
According to the Secure Retirement Institute, total annuity sales for the third quarter amounted to $54.8 billion, 13% higher than the sales in the second quarter. They...
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Kicking off the ASPPA All Access virtual conference Oct. 26, Brian Graff, CEO of ARA and Executive Director of ASPPA, ARA General Counsel Allison Wielobob and ARA Chief Government Affairs Officer Will Hansen offered their insights into some of the most important legislative and regulatory...
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Two Republican members of the House of Representatives are pushing back on state and local efforts to impose financial transaction taxes that would impact non-residents.
Rep. Patrick McHenry (R-NC), the ranking Republican member of the House Financial Services Committee, and Rep. Bill Huizenga (...
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The Pension Benefit Guaranty Corporation (PBGC) on Oct. 26 posted the applicable present values for maximum guarantees for 2021 plan years.
The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Code Section 436(d)(3) restriction. ...
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In a year full of extraordinary change, there’s little of that for contribution and benefit limits in 2021.
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021. The 2021 limits are contained in ...
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A reader recently commented, “Nevin: You are continually berating those who question various aspects of 401(k) plans as if the current structure is ‘perfect.’ It isn’t.”
That comment was inspired by a recent column of mine critical of a proposal rumored to be under contemplation by the Biden...
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Editor's Note: This is the ninth installment in a series concerning correcting plan loan failures.
Q. There are still large record keepers who start the 5-year loan term based on the scheduled 1st payment of the loan rather than the date of the loan origination. We are a TPA and have many...
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As the impact of COVID-19 on retirement continues to emerge, new survey results show that many workers and retirees are optimistic about their financial future, while others say the pandemic has permanently impacted their ability to save.
Particularly for workers whose employment has been...
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A sauce—be it pesto, hollandaise or bearnaise—is tasty because its discrete ingredients all work together in a rich whole. Similarly, many individuals finance their retirements, or plan to, through a number of means that all work together. A recent blog entry discusses the importance of analyzing...
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President Trump on Oct. 22 issued a memorandum directing the heads of three departments to review pension plans the Pension Benefit Guaranty Corporation (PBGC) holds in trusteeship.
The impetus for the memo was the pension plan serving retirees of the Delphi Corporation, but also concerns...
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Witnesses testifying at a hearing before the New Jersey state legislature voiced strong opposition to a proposed financial transaction tax that would impact retirement plans.
At the Oct. 19 hearing held by the New Jersey Assembly Financial Institutions and Insurance Committee, 17 organizations...
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Illinois employers that have failed to register for the Secure Choice program and don’t offer their own retirement plan should take note that the Prairie State plans to step up enforcement of the program’s mandates next year.
“We are planning to begin enforcement next year for our employers who...
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The Pension Benefit Guaranty Corporation (PBGC) has released new studies that update its data on single-employer pension plans and multiemployer pension plans.
Single-Employer Plans
The PBGC has released its Analysis of Single-Employer Pension Plan Partial Risk Transfers (Based on Risk Transfer...
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The Pension Benefit Guaranty Corporation (PBGC) announced on Oct. 16 that the guarantee limits for single-employer plans that fail in 2021 will be 3.81% higher than the limits that applied for 2020.
The maximum guarantee for participants in single-employer plans is determined using a formula...
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The IRS on Oct. 16 modified guidance and clarified rules to address payments made to state unclaimed property funds. The IRS announced the changes in Revenue Procedure (Rev. Proc.) 2020-46 and Revenue Ruling (Rev. Rul.) 2020-24.
Rev. Proc. 2020-46
Rev. Rul. 2020-46 modifies and updates Rev. Proc...
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The costs of offering a pension plan will increase next year.
The Pension Benefit Guaranty Corporation (PBGC) has determined the premium rates applicable for 2021 plan years in accordance with the indexing rules provided in Section 4006 of ERISA. The rates are higher than those set for 2020; most...
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The Coronavirus, Aid, Relief and Economic Security (CARES) Act was enacted on March 27. But there are always questions—and often fine-tuning to be done—after a new law is put on the books. The CARES Act is no exception, and an Oct. 7 ASPPA webcast answered questions concerning loans and...
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Another week, another Bloomberg op-ed bashing 401(k)s—but this time the target is fees—and advisors.
The most recent “shot” is found in an article[1] titled “401(k) Fees Are Eating Your Retirement Savings.” The author, one Ethan Schwartz,[2] without citation (beyond “various estimates”), tosses...
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